Gramm-Bliley-Leach Act

(redirected from Financial Modernization Act of 1999)
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Gramm-Bliley-Leach Act

Legislation in the United States, passed in 1999, that deregulated the banking industry. Specifically, it repealed the portion of the Glass-Steagal Act that prohibited commercial banks, investment banks and insurance companies from working in each other's sectors. Critics claim that this deregulation led directly to the late 2000s recession by allowing banks to take excessive risks, essentially putting their customers' deposits at risk. Many others claim that this assessment is inaccurate, and contend that the Act prevented the crisis from being even worse than it was.
References in periodicals archive ?
21 order and memorandum opinion upholding the constitutionality of the Gramm-Leach-Bliley Financial Modernization Act of 1999.
Those companies must comply with regulations under the Health Insurance Portability and Accountability Act (HIPAA) of 1996, which ensures patients' privacy; and the Financial Modernization Act of 1999, which addresses the protection of consumers' personal financial information held by financial institutions.
Federal Government regulations such as the Financial Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), protects customers' personal financial information held by financial institutions of all types, including credit unions.
The mailing was sent in order to comply with the requirements of the Gramm-Leach-Bliley Financial Modernization Act of 1999.

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